ToughBuilt Industries Announces First Quarter 2022 Results
May 23 2022 - 8:30AM
ToughBuilt Industries,
Inc. ("ToughBuilt") (NASDAQ: TBLT;
TBLTW), today reported financial results for the first
quarter ended March 31, 2022. The Company will discuss the results,
among other things, during the Company’s earnings conference call
scheduled for 5:00 p.m. (ET) today.
Financial Highlights for the Quarter
Ended March 31, 2022:
- Revenues for the three months ended
March 31, 2022, were approximately $17.2 million, an increase of
40% compared to the same period in 2021. The increase in revenue
was primarily the result of wide acceptance of ToughBuilt products.
This was a result of recurring orders from existing customers and
addition of new customers and new product launches.
- Operating expenses were
approximately $18.4 million in the first quarter of 2022, compared
to approximately $9.4 million in the first quarter of 2021. The
increase in operating expenses was primarily due to increased
shipping costs, headcount, marketing and advertising, as well as
fees related to sales through Amazon.com.
- Net loss attributable to common
stockholders in the first quarter of 2022 was approximately $12.1
million, or $14.04 per share, compared to a net loss of
approximately $6.1 million, or $13.43 per share in the first
quarter of 2021.
Michael Panosian, ToughBuilt’s CEO, commented,
“We closed the first quarter of 2022 with revenues of $17.2
million, in line with our expectations. This represent a 40%
increase over the first quarter of 2021. Our current product lines
and our newly launched innovations continue to enjoy significant
traction with our retailer partners and end users.” Panosian
continued, “In 2022, we continue to strive to lower our losses and
expect to launch five to ten new product lines and continue to
expand our global distribution.”
Business Highlights for the Quarter
Ended March 31, 2022:
- Gross sales for the first quarter
of 2022 through Amazon.com increased by 41% to approximately $3.4
million, compared to approximately $2.4 million for the first
quarter of 2021.
The foregoing discussion highlights certain
information contained in the Company’s quarterly report on Form
10-Q filed with the U.S. Securities and Exchange Commission (the
“SEC”) earlier today, and does not intend to be complete. Investors
should read the foregoing discussion together with the Company’s
unaudited consolidated financial statements and related notes
thereto and the Management’s Discussion and Analysis of Financial
Condition and Results of Operations (MD&A) included in the
Company’s Form 10-Q, and in conjunction with the Company’s Form
10-K for the year ended December 31, 2021 filed with the SEC on
April 18, 2022 available on the SEC’s website at www.sec.gov.
Conference Call
Information:
Michael Panosian, Chief Executive Officer, and
Martin Galstyan, Chief Financial Officer, will host a conference
call to review the Company’s financial and operating results at
5:00pm ET today.
To attend the conference call, please dial one
of the teleconference numbers below or follow the live audio
webcast here. Attendees are encouraged to dial in to the conference
call at least five minutes prior to the start time.
U.S. TOLL-FREE:
1-877-407-9716INTERNATIONAL: 1-201-493-6779
To listen to a replay of the conference call,
please dial one of the teleconference numbers below. The replay
will also be available through the audio webcast link.
REPLAY U.S. TOLL-FREE:
1-844-512-2921REPLAY INTERNATIONAL:
1-412-317-6671REPLAY PIN: 13730241
ABOUT TOUGHBUILT INDUSTRIES,
INC.
ToughBuilt is an advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently focused on tools and other accessories for the
professional and do-it-yourself construction industries. We market
and distribute various home improvement and construction product
lines for both the do-it-yourself and professional markets under
the TOUGHBUILT brand name, within the global multibillion dollar
per year tool market industry. All of our products are designed by
our in-house design team. Since launching product sales in 2013, we
have experienced significant annual sales growth. Our current
product line includes three major categories, with several
additional categories in various stages of development, consisting
of Soft Goods & Kneepads and Sawhorses & Work Products. Our
mission is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available at:
https://www.toughbuilt.com/.
FORWARD-LOOKING STATEMENTSThis
press release contains “forward-looking statements.” Such
statements may be preceded by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company’s control, and cannot be predicted or
quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) the impact of the worldwide
COVID-19 pandemic and government actions, on our business, (ii)
supply chain disruptions, (iii) market acceptance of our existing
and new products, (iv) delays in bringing products to key markets;
(v) an inability to secure regulatory approvals for the ability to
sell our products in certain markets, (vi) intense competition in
our industry from much larger, multinational companies, (vii)
product liability claims, (viii) product malfunctions, (ix) our
limited manufacturing capabilities and reliance on subcontractors
for assistance, (x) our efforts to successfully obtain and maintain
intellectual property protection covering our products or defend
ourselves from third parties’ infringement claims, (xi) our
reliance on a single supplier for certain product components, (xii)
the fact that we will need to raise additional capital to meet our
business requirements in the future and that such capital raising
may be costly, dilutive or difficult to obtain and (xiii) the fact
that we conduct business in multiple foreign jurisdictions,
exposing us to tariffs, foreign currency exchange rate
fluctuations, logistical and communications challenges, burdens and
costs of compliance with foreign laws and political and economic
instability in each jurisdiction and (xiv) changes in e-commerce
marketplaces. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking
statements is set forth in the Company’s filings with the
Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K and our subsequent Quarterly Reports on Form
10-Q. Investors and security holders are urged to read these
documents free of charge on the SEC’s web site at
http://www.sec.gov. The Company encourages you to consider all of
these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this press
release. As a result of these matters, changes in facts,
assumptions not being realized or other circumstances, the
Company's actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this
press release are made only as of the date of this press release,
and the Company undertakes no obligation to update them to reflect
subsequent events or circumstances.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc.
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